Personal Budgeting Concepts

A ____ is something we must have to stay alive.

A ____ is something we would like to have but can live without.

What is the definition of income?

• Money that is spent on something

• Money set aside for future use

• Money that comes from a job.

• Food

What are the three main elements of a personal budget?

• Income, Expenditures, Wants

• Needs, Wants, Desires

• Income, Savings, Needs

• Income, Savings, Expenditures

A part

• Income

• Element

• Needs

• Finance

Personal Budget

• Money

• A plan on when to do certain events

• A piece of paper

• A plan for a household on how to use money

Which is the best description of when savings would be needed?

• An emergency or large purchase

• Entertainment

• A vacation

• A new DVD

True or False: People use saving accounts for paying everyday bills, such as rent, food, and utilities.

• True

• False

What is NOT an example of an expenditure?

• Filling up the gas tank

• Grocery Shopping

• Money from selling the car

• Going to the movies

Why do people need a personal budget?

• To pay bills

• To save money

• To make a plan

• All of the above